Business

Berger Paints buys Polish firm

KOLKATA: Berger Paints India on Monday acquired Bolix S.A. (Bolix) of Poland, a leading provider of external insulation finishing systems (EIFS) from Advent International, a global private equity group.

Bolix is the largest provider of EIFS in the B2B segment in Poland and also exports to neighbouring countries such as Ukraine, Russia, Lithuania, Latvia, Estonia and other European countries. The turnover of Bolix exceeded $45.5 million in 2007.

EIFS is a comprehensive solution for meeting both the insulation and decorative requirements of external walls of buildings. Bolix’s products include adhesives, mortars, plasters, primers and paints. In combination with other insulation materials such as polystyrene foam or mineral wool and auxiliary materials such as fibre glass meshes, Bolix’s EIFS products provide significant insulation solutions.

Commenting on the acquisition, K. S. Dhingra, Chairman, Berger, said, “Berger will actively support Bolix in furthering its business in various parts of Europe, including Russia and will also explore marketing of EIFS in India, where it is yet to be introduced.” Gerald Adams, Director of Berger, would act as Chairman of Bolix.

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